Reinsurance News
Fortitude Re
Fortitude Re in talks over annuity reinsurance deal with Taiyo Life
14th February 2022
Fortitude Re is among the reinsurers in talks with Taiyo Life Insurance Company, a subsidiary of Japanese insurer T&D Holdings, regarding a potential annuity reinsurance deal. Taiyo Life wants to offload its inforce individual annuity business in order to reduce its investment risk and to enhance its future profitability and capital ... Read the full article
Charles Kasmer joins Fortitude Re as CUO P&C Reinsurance
17th January 2022
Bermudian legacy reinsurance company Fortitude Re has appointed Charles Kasmer as Chief Underwriting Officer, where he will be responsible for sourcing and pricing new non-US P&C run-off transactions for the Fortitude International Re (FIRL) entity. He will also be assisting in the design and implementation of new products and structures, and expanding ... Read the full article
Fortitude Re set for growth with launch of multi-line reinsurer & U.S. platform
6th January 2022
Fortitude Re has announced the formation of a new Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer, as its subsidiary obtains Reciprocal Jurisdiction Reinsurer status. Established in 2018 by international insurer AIG and global alternative asset manager, The Carlyle Group, Fortitude Re was originally set up to ... Read the full article
Fortitude Re finalises acquisition of AIG’s legacy insurance businesses
5th January 2022
Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article
Prudential to sell $31bn PALAC block of legacy variable annuities to Fortitude Re
15th September 2021
Prudential Financial has agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Re for a total transaction value of $2.2 billion. Under the terms of the agreement, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation (PALAC), including PALAC’s in-force ... Read the full article
Fortitude Re recruits Chief HR Officer from RenRe
28th April 2021
Bermudian legacy reinsurance company Fortitude Re has announced the appointment of Amanda Stewart is its new Chief Human Resources Officer. Stewart joins the company from RenaissanceRe (RenRe), where she most recently served as Head of Global Talent Management and HR Projects, leading led talent management initiatives and global HR projects. Prior to ... Read the full article
Fortitude Re income drops in 2020
8th March 2021
Bermudian legacy reinsurance company Fortitude Re has reported a large drop in net income over 2020, partly due to much higher payment of policy holder benefits and losses incurred. Income totalled just $864 million for the year, compared with $3.64 billion in 2019. The decrease can largely be attributed to the change ... Read the full article
Carlyle Group & T&D acquire majority share in Fortitude Re from AIG
3rd June 2020
The Carlyle Group and T&D Holdings have completed their previously announced acquisition of a 76.6% interest in Fortitude Group Holdings, whose group companies include Fortitude Re, from AIG. First announced in November of last year, the deal has now closed following the receipt of regulatory approvals and customary closing conditions. Upon ... Read the full article
Carlyle Group and T&D acquire AIG’s stake in Fortitude Re for $1.8bn
26th November 2019
The Carlyle Group and T&D Holdings have partnered to acquire a 76.6% ownership interest in Fortitude Re, the run-off reinsurer launched by AIG and Carlyle in November 2018. Valued at $1.8 billion, the deal will leave Carlyle with a 71.5% stake in Fortitude Re (including the 19.9% stake it took ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
AIG launches Fortitude Re in partnership with Carlyle Group
14th November 2018
American International Group (AIG) has created a new run-off reinsurer called Fortitude Re in collaboration with global alternative asset manager The Carlyle Group. The companies announced in August 2018 that they had entered into a partnership to build AIG’s Bermudian legacy reinsurance platform, DSA Re (now Fortitude Re), into a ... Read the full article
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